2012 Third Quarter Retail Sales Drop $6.6 Million
According to recently released statistics [PDF], retail sales for the 2012 third quarter totaled $262.2 million, a $6.6 million decrease when compared to the third quarter of 2011.
Amongst the seven retail sectors, building material stores experienced the largest decrease of 13.7% due to fewer contract projects. Despite longer opening hours, service stations reported lower fuel sales per liter during the period resulting in a 2.1% fall in revenue.
All other store types, including pharmacies, tourist related stores and furniture stores experienced a decrease of 1.6% in combined sales. Motor vehicle dealers, food stores and liquor stores all registered higher sales during the quarter.
A 1.7% increase in motor vehicle sales marked the first quarterly increase for auto dealers since the first quarter of 2007. The rep0rt attributed the rise in sales to a temporary spike in inventory coupled with a weak sales performance in the corresponding quarter of the previous year. Food sales were up 8.3% partly due to purchases in preparation for the passage of Hurricane Leslie, and liquor sales increased 14.1%.
Residents declared $17.7 million on overseas purchases of goods during the third quarter of 2012, which was $870,000 less than a year ago.
Expenditure on household items, furniture and appliances, and tapes & compact discs decreased roughly 29%. Among the other commodity groupings, the value of resident declarations also contracted for tools, machinery and parts [-13.1%], jewellery and watches [-12.8%], and electronic & photographic equipment [-11.1%]. In contrast, spending on clothing and footwear edged up 0.5% to $8.8 million and accounted for half of total overseas purchases by residents.
Bermuda is in trouble.The PLP have ruined it for all!
This is further proof that Bermuda’s population is shrinking (are you paying attention Walton Brown??). If the OBA does not turn this around, then the pain will continue. This is the legacy which the PLP have left behind!!
stfu the both of you @BlackSoil and @bobmarlin
Yes, the plp played a roll in our economy, But the majority of our economies debt is a direct affect of the WORLD ECONOMY!!!
All you people do is blame the PLP!
lets see it the UBP, oh i mean the OBA can fix it, cause it they cant you can bet your bottom dollar there a$$es will be OUT!!!
ALL THESE PROMISES THAT THEY AND EVERYONE WITH HALF A BRAIN know wont come to light!
@ FAN – you truly have no clue whatsoever. It’s impossible to “argue with stupid so I’ll just stop now.
How is it stupid? Its the truth. Do you understand where tourism comes from and International business come from??? Have you not noticed that we depend on other countries for everything? Have you not noticed that 99% of everything on this island is imported? Lets be real there is no magic wand that OBA supporters claim the OBA has. We as an island can only do so much. Yeah sure we can change policy on a few things but that doesn’t change the fact that we have no control on the world economy and foreign investment.
In another 4 years all the blacks that flip flop to the OBA will jump right back when then find out the truth about this party. Same reason they will never put a white man in charge of the OBA. That’s a fact we all know is true.
@ Bobmarlin, Black Soil & Are people really this stupid???: Don’t you all know when the tide goes out that the fish goes with it? It sounds like non of you know anything about the world economy…
Besides, why would anyone want to shop in Bermuda when everywhere else in the world has a 50 to 75% sale going on… I’m for helping the local economy but, there’s a time when you have to use your common senses and think about your own pocket. Here’s one case and point. I say a product in Hamilton which I like dearly and would have purchased but, I went on the internet just to compare prices and saw the same thing for 50% less with other accessories thrown in.
The government is doing its part by helping the unemployed and others needing assistance. You can’t blame the government for money leaving the country…
p.s. don’t forget the hundreds of thousands of dollars being sent to schools overseas for education too.
@ Fan: Please stop with the global recession stuff finally! The global recession didn’t cause the government to spend more than they brought in revenue for years in a row. Even when they KNEW we were in severe financial straits, they still continued to overspend, as the above article makes clear. That’s not recession-related, that’s carelessness and extravagance, plus a few other less complimentary descriptives.
Further, you are calling for the OBA to “fix it or they are out!” Wish you had been making that same call with the previous government. Maybe you wouldn’t have needed to make the call now.
14.1% increase in sauce sales? No wonder my head hurts.
Not to worry all the ole deep pocket money will be coming back into circulation soon and retail sales will be up,you see dem byes that closed up shop down de road just pass the superat,dem byes sole der business but not de buildings an dey tell me dey gonna do a come bac.
so de ole money coming to make sure dat da cousins stay in power and ve dought de bac of town vas de en power zone.
vat cheekums bye,an all dat for harbit unibersity grat u ates.vait to i see my mate,the tale from yale.chinese hiding de money
The PLP chased business out of Bermuda.Now,all of us will suffer.Oh forgive me,not the former govt cronies and friends,they have filled their pockets with our money!
The party of One Billion Answers and no results . Come on OBA do what you said the PLP couldn’t do . Bring some damn cash into town ..
In broad terms, Insurance is a recession proof product, or as close to.
If you think otherwise, take a look at Ace’s performance. They didn’t start the move out of Bermuda because of the world recession believe me.
What an impatient lot!! The economy was going downhill for at least 5 years and not a dicky-bird from some of you. The OBA has been the government not even a month yet, Parliament hasn’t even reconvened, and you all are ravening. Take a break.